Insights to better manage outside legal spend
Consilio’s Sky Analytics is a legal spend analytics and benchmarking tool that aggregates all of your company’s outside legal spend into an easy-to-understand platform. It presents unique views into your data revealing new savings opportunities and helps increase value received from outside counsel. Whether you’ve moved to alternative fee arrangements or remain with the billable hour, the tool gives in-house counsel the necessary data to make more informed decisions on managing matters and spending.
The Sky Analytics tool, powered by Consilio, is built on a platform that takes into consideration the sensitive nature of corporate legal invoices, so our clients can have confidence that their confidential data will remain confidential. In fact, our systems have passed the most sophisticated penetration tests and have been approved by some of the world’s largest financial corporations and governmental bodies.
Forecast matter costs more accurately
If budgeting for upcoming matters or value-based billing arrangements is a real challenge, then Consilio’s tool, Sky Analytics, is your solution. The user-friendly interface allows you to instantly draw upon your past matters or access the tool’s deep matter database to accurately gauge pricing metrics.
Understanding the past is the key to predicting the future
The first step to budgeting upcoming matters is having a better understanding of past matters. Using the tool’s Matter Scorecards, you get a clear picture of each of your company’s matters – both present and past. From cost and duration benchmarking to staffing, you’ll gain a firmer grasp on your matter dynamics, which will translate into more confident forecasting.
Deep and unique matter benchmarking
Draw upon the tool’s deep database of hundreds of thousands of matters across a wide range of industries and practice areas to benchmark total matter cost, phase costs, duration, rates and much more.
Move beyond the billable hour
There is a lot of discussion around moving from hourly billing toward value-based billing, yet there are very few tools to help law departments more accurately price alternative fee arrangements. Consilio’s Sky Analytics tool presents matter benchmarking data in easy-to-understand graphics so you can clearly develop pricing models that will fit your company’s pricing strategy.
Negotiate rates with confidence
The proprietary “Comp Rate” algorithm arms your law department with the most sophisticated rate benchmarking intelligence on the market. By comparing thousands of billed rates against key market dynamics, such as practice area expertise, the Sky Analytics tool offers law departments valuable insight into fair market rates based on actual billing data – not just surveyed rates.
Better manage annual rate reviews
Are your practice managers “eye-balling” rate increase requests? Or maybe you’re comparing lawyer rates across firms. Either way, Consilio offers a powerful yet simple tool to make better decisions on rate requests on a lawyer by lawyer basis.
Rate comps for any timekeeper level
Do you have a new lawyer coming onto a matter and you’re not sure whether the requested rate is reasonable? The tool’s “Rate Calculator” can instantly analyse thousands of comparable lawyers to provide you with the rate intelligence that you need.
Shift work to more competitive regions
Shifting non-critical cases to more competitive firms is a key spend management strategy employed by leading law departments. Our regional rate visualisation will allow you to quickly compare your effective regional rates and adjust case load accordingly.
Compare firms and lawyers
Most law departments manage outside counsel based solely on qualitative factors, such as industry expertise and past relationships. While these factors should play an important role in managing outside counsel, quantitative data can complement these qualitative factors and play a trusted advisory role in ensuring proper rates, staffing and billing practices.
Gain a clearer picture of your engagement with a firm
With so many moving parts it is tough to get a holistic view of your company’s relationship with a law firm. The tool’s scorecards clearly identify key performance indicators and trends that allow you to manage your firms with data – not just “anecdote.”
Unique metrics that drive action
The Consilio tool combines proprietary research with third-party data sources to supercharge your invoice data. Better measure firm diversity, firm expertise and much more.
Value-added data that reveals new insights
Consilio’s in-house research team appends publicly available information, such as bar admission dates and diversity stats, to your invoice data to give you new angles into your outside counsel.